Southwest Gas Corporation (SWX) swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $2.47 million, or $ 0.05 a share in the quarter, against a net loss of $4.73 million, or $0.10 a share in the last year period. Revenue during the quarter grew 6.84 percent to $539.97 million from $505.40 million in the previous year period.
Operating income for the quarter was $539.97 million, compared with $505.40 million in the previous year period.
According to John P. Hester, President and Chief Executive Officer, “We are pleased to report earnings per share of $0.05 for the third quarter of 2016, a $0.15 improvement over the prior-year quarter. In our natural gas segment, seasonal conditions generally lead to net losses during the third quarter of each year; however, a $6.5 million improvement over the prior year was experienced due primarily to positive returns on COLI policies, compared to negative returns in the prior-year quarter.” Hester added, “Construction services results improved slightly between quarters as Centuri recognized record quarterly revenues and profits.” Hester concluded, “As we indicated in our 2015 Annual Shareholder Report, our aim for 2016 is to continue earning the trust of our investors by building on our track record of growth at both our utility and construction services business segments. We are confident that execution on our business strategies will continue to create value for our shareholders.”
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